BRICS Countries Launch Independent Payment System Effort

The BRICS nations are working to reduce their dependence on the U.S. dollar and make themselves less vulnerable to U.S. financial sanctions.

The group, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and Saudi Arabia, has been pushing for de-dollarization, with Russia at the forefront of this effort.

At the 2024 BRICS summit, member states agreed to pursue policies to reduce their reliance on the dollar by building cross-border payment infrastructure and promoting local-currency settlement.